The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. At the time of writing, the benchmark index is down 0.2% to 8,419.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
The BlueScope Steel share price is up 6% to $24.14. This follows news that US President Donald Trump plans to increase tariffs on foreign steel imports from 25% to 50%. While you might think that this would be a negative for the steel producer, its diverse operations make it a positive. BlueScope generates around half of its earnings from its US-based North Star business. If tariffs reduce imports, then it could lead to increased demand for North Star's offering and boost earnings further.
The Brickworks share price is up 22% to $33.60. Investors have been buying this building products company's shares after it announced plans to merge with Washington H. Soul Pattinson & Co Ltd (ASX: SOL). This deal will see Brickworks shareholders receive 0.82 shares in a newly formed entity, TopCo, for each share held. This arrangement initially valued Brickworks shares at $30.28, which was a 10.1% premium to their previous close. However, with the Soul Patts share price rising strongly today, it has boosted the value of the consideration.
The Resimac share price is up 13.5% to 96.5 cents. This has been driven by news that the non-bank lender has decided to reward its shareholders with a special dividend. This decision follows a comprehensive strategic review of its operating assets and capital requirements, which found that surplus capital was not essential for supporting its strategic objectives. Resimac will be paying shareholders a fully franked special dividend of 12 cents per share on 23 June. Its shares will be going ex-dividend for it later this week on 5 June.
The Soul Patts share price is up 14% to $41.99. Investors have responded positively to the investment company's plan to merge with Brickworks. Commenting on the benefits of the deal, Brickworks' lead independent director, Deborah Page, said: "We believe entering into this merger maximises value for Brickworks shareholders. The opportunity to unwind the cross-shareholding will offer Brickworks shareholders the potential to enhance the underlying value of Brickworks' own assets." Once the merger is complete, Soul Patts shareholders will own around 72% of the new company.
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